Vietnam, Myanmar eye US$1 billion in bilateral trade turnover

Deputy Prime Minister Vuong Dinh Hue and business representatives at the meeting.

Deputy Prime Minister Vuong Dinh Hue reiterated the target during a June 18 meeting with Vietnamese firms operating in Myanmar, as part of during his three-day working visit to the neighbouring country which concluded on the same day.

Considering Myanmar as a great potential market, Deputy PM Hue suggested that Vietnamese firms, which have been operating in and plan to penetrate the market, should stick firmly to their business plans in the hope of reaping rewards in the future.

Over 200 Vietnamese firms have been running their business and investment in Myanmar, notably high - profile firms such as Hoang Anh Gia Lai Group, Vietnam Airlines, Viettel, and Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), Hue said, adding that Saigon – Hanoi Commercial Joint Stock Bank (SHB) is eyeing the market.

Previously, the Government delegation led by Deputy PM Hue called upon the Myanmar side to create favourable conditions for Vietnamese firms during meetings with Myanmar officials. They also suggested that Myanmar should simplify administrative procedures and slash the time for quarantine and customs clearance set for Vietnamese goods.

Myanmar was also required to offer preferential policies to Vietnamese investors and ease the difficulties that they are facing, including Hoang Anh Gia Lai Group, Viettel, and PetroVietnam Oil Corporation (PVOIL).

The Deputy PM applauded efforts and contributions by the Vietnamese business community in Myanmar to promote trade and investment ties between the two countries.

Vietnamese businesses were asked to strictly abide by Myanmar’s legal regulations and enhance their corporate social responsibility activities as well as contributions to the country’s overall socio-economic development.